Institutionalized parties and party systems have traditionally been viewed as necessary conditions for democracies to function effectively. Although this area of research is germane to all democracies, most analyses have been divided by regional investigation. Seeking to bridge the gap, this article applies concepts and measures of institutionalization from the study of Latin America to Pacific Asia's two most prominent cases of democratic transition, South Korea and Taiwan. An effort is made to apply the approaches of Dix and Mainwaring and Scully on party and system institutionalization in Latin America to South Korea and Taiwan. Cross-national comparison reveals a curvilinear relationship between institutionalization and consolidation. Taiwan's path to consolidation has been predicated on a pattern very similar to those taken by Latin American cases, whereas South Korea, theoretically, should not be as close to consolidation as it is.